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Mascoutah, Illinois | The December 21 corn chart is in a nice upward channel which is bullish. I am of the opinion December corn must defend $4.75 to the downside to keep the bulls in control. The contract had a breakout above $4.65 to a contract high of $4.86 only to rollover and find support at $4.50. The reasons I am not as constructive on December 21 corn is due to the failed breakout. However, the upward sloping channel did remain in tact which keeps the bulls in control.
I am sorry for being long winded.
My opinion is the upside target of $5.20-$5.25 would be the opportunity to make forward sales.
I hope you have a prosperous and safe week. | |
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November 21 Soybean Target
